格隆汇12月31日丨云顶新耀(01952.HK)发布公告，2025年12月31日，公司执行董事兼董事会主席吴以芳 于市场购入3万股公司普通股，总代价约为113.9万港元，平均价格约为每股股份37.98港元。董事会相 信，吴先生透过场内收购股份进行的自愿购股彰显了对公司未来前景及长远发展的坚定信心。 ...

云顶新耀(01952)发布公告，于2025年12月31日，公司执行董事兼董事会主席吴以芳先生于市场购入3万 股公司普通股，总代价约为113.9万港元，平均价格约为每股股份37.98港元。董事会相信，吴先生透过 场内收购股份进行的自愿购股彰显了对公司未来前景及长远发展的坚定信心。 ...

智通财经APP讯，云顶新耀(01952)发布公告，于2025年12月31日，公司执行董事兼董事会主席吴以芳先 生于市场购入3万股公司普通股，总代价约为113.9万港元，平均价格约为每股股份37.98港元。董事会相 信，吴先生透过场内收购股份进行的自愿购股彰显了对公司未来前景及长远发展的坚定信心。 ...

承董事會命 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1952） Everest Medicines Limited 雲 頂 新 耀 有 限 公 司 自願公告 本公司董事會主席增持股份 本公告由雲頂新耀有限公司（「本公司」）自願作出。 本公司董事（「董事」）會（「董事會」）宣佈，於2025年12月31日，本公司執行董事兼 董事會主席吳以芳先生（「吳先生」）於市場購入30,000股本公司普通股（「股份」）， 總代價約為1,139,000港元，平均價格約為每股股份37.98港元。 董事會相信，吳先生透過場內收購股份進行的自願購股彰顯了對本公司未來前景 及長遠發展的堅定信心。 本公司股東及潛在投資者於買賣本公司證券時務請審慎行事。 雲頂新耀有限公司 主席兼執行董事 吳以芳 香港，2025年12月31日 於本公告日期，董事會包括主席兼執行董事吳以芳先生，執行董事羅永慶先生及何穎先生，非執 行董事傅唯先生、曹 ...

Core Insights - CloudTop Innovations (01952.HK) received the "Annual Innovation Award" at the "Technology Empowerment · Capital Breakthrough" conference, highlighting a shift in the Chinese innovative pharmaceutical industry towards valuing sustainable value creation over merely chasing "star pipelines" [1] - The Chinese biopharmaceutical industry is transitioning from a phase of rapid growth focused on scale to a high-quality development phase emphasizing technological depth and commercial efficiency [1] - Capital is increasingly focused on companies that can integrate cutting-edge research with mature commercialization systems, establishing new benchmarks in the market [1] Company Strategy - CloudTop's "2030 Development Strategy" is centered on a dual-engine model of "Business Development (BD) cooperation + independent R&D," supported by its unique A2MS (Access, Medical, Market, Sales) commercialization platform [3][7] - The A2MS platform serves as the "value conversion hub" of the company's strategy, addressing core challenges in the commercialization of innovative drugs by streamlining the entire process from insurance access to patient management [3] Product Commercialization - The commercialization of the core product, NAI-Fu-Kang®, is a benchmark in the industry, achieving over 1 billion RMB in sales within its first commercial year, marking a significant milestone for chronic disease medications in China [4] - The company has also seen steady growth in sales for its antibiotic product, Yi-Jia®, with a 6% year-on-year increase in revenue for the first half of 2025, and a 37% increase in sales through targeted core hospitals [5] Future Outlook - CloudTop aims to expand its product portfolio to over 20 commercialized products by 2030, with projected revenues exceeding 15 billion RMB [8] - The company is also advancing its global strategy, focusing on a dual-engine growth model of "overseas licensing + commercialization" to accelerate internationalization [8] Market Recognition - The company's strategic direction has garnered confidence from both internal management and capital markets, with key executives increasing their shareholdings, signaling strong belief in the company's long-term value [9] - Investment firms have positively evaluated the company's growth logic, recognizing its integrated mRNA platform as a potential driver for transitioning from a commercialization entity to a technology-driven innovative enterprise [9] Industry Context - CloudTop's trajectory reflects a broader transformation in the Chinese innovative pharmaceutical landscape, emphasizing the importance of systematic platform capabilities that can continuously foster innovation and bring scientific breakthroughs to market [11] - The competitive landscape is shifting from broad strategic layouts to a focus on the depth of systemic capabilities, with companies like CloudTop positioned to lead and shape the next generation of treatment standards [11]

Core Viewpoint - The successful imitation of the kidney disease drug Nefukang (Budesonide enteric-coated capsules) has led to a significant decline in the stock price of CloudTop New Medicine (01952.HK), which has dropped over 20% in the past week due to concerns over competition from generic drug manufacturers [2]. Group 1: Company Overview - Nefukang, introduced by CloudTop New Medicine in June 2019, received approval from the Chinese National Medical Products Administration in November 2023 for treating adult patients with primary IgA nephropathy at risk of progression, filling a treatment gap in China [4]. - The product achieved sales exceeding 1 billion yuan in the first three quarters of 2025 [4]. Group 2: Patent and Competition - CloudTop New Medicine asserts that the patent for Nefukang is valid until May 7, 2029, and the company reserves the right to take legal action against any infringement [2]. - The first generic version of Budesonide enteric-coated capsules was approved for Hainan Huirui Pharmaceutical Co., Ltd. on December 16, 2025, with a commitment to not market the generic until the patent expires [5]. - Other companies, including Shijiazhuang Yiling Pharmaceutical Co., Ltd. and Qilu Pharmaceutical Co., Ltd., are also in the process of developing generic versions, potentially allowing them to enter the market before the patent expiration [6]. Group 3: Legal and Regulatory Framework - The early resolution mechanism for drug patent disputes aims to balance the interests of original drug manufacturers and generic drug developers, promoting high-level development of generic drugs while protecting innovation [7]. - CloudTop New Medicine can challenge the patent declarations of Shijiazhuang Yiling and Qilu within 45 days of the public announcement of their drug applications [8]. - The case is seen as a test of China's drug patent linkage system, with implications for how administrative and judicial bodies balance the interests of original and generic drug manufacturers [9].

Core Viewpoint - The article discusses the impact of successful generic drug approvals on the stock price of Cloudtop New Yao (01952.HK), particularly focusing on the generic version of its drug, Neficon (Budesonide Enteric-Coated Capsules), which has led to a significant decline in the company's stock price by over 20% in the past week [3][6]. Group 1: Drug Approval and Market Impact - Neficon, introduced by Cloudtop New Yao in June 2019, received approval from the Chinese National Medical Products Administration in November 2023 for treating adult patients with primary IgA nephropathy at risk of progression, filling a treatment gap in China [6]. - The sales of Neficon exceeded 1 billion yuan in the first three quarters of 2025, indicating strong market performance [6]. - The approval of a generic version by Hainan Huirui Pharmaceutical on December 16, 2025, has raised concerns for Cloudtop New Yao, as it may lead to increased competition [6][7]. Group 2: Patent and Legal Considerations - Cloudtop New Yao maintains that its patent for Neficon is valid until May 7, 2029, and reserves the right to take legal action against any infringement [3][7]. - Hainan Huirui's patent declaration type is classified as "Category 3," indicating a commitment not to market the generic drug until the relevant patent expires [7]. - Other companies, such as Shijiazhuang Yiling Pharmaceutical and Qilu Pharmaceutical, are also in the process of developing generic versions, with their patent declarations classified as "Category 4.2," suggesting they may not infringe on the original patent [8]. Group 3: Response Strategies - Cloudtop New Yao is considering its options in response to potential challenges from generic competitors, emphasizing the need for clinical studies to confirm the efficacy and safety of any generic versions [10]. - The article highlights the importance of the early resolution mechanism for drug patent disputes established by the National Medical Products Administration and the National Intellectual Property Administration, which aims to balance interests between original and generic drug manufacturers [10][11]. - Legal experts suggest that Cloudtop New Yao has a 45-day window to challenge the patent declarations of generic applicants in court, which could influence the market dynamics [11][12].

Major Events - Cloudtop New Horizon (01952) has its original product, Nanfukang®, protected by patent ZL200980127272.5 in China, which is currently valid [1] - Linkang Biotechnology Group (00690) has reached a strategic cooperation with Wenzhou Medical University National Engineering Research Center and the People's Government of Ouhai District, Wenzhou [1] - Auhua Pharmaceutical (00013) announced that the new drug application for Savolitinib for treating gastric cancer patients with MET amplification has been accepted and included in priority review in China [1] - Fosun Pharma (02196) has initiated Phase I clinical trials for its integrated diagnosis and treatment nuclear medicine project SRT-007 within China [1] - Postal Savings Bank of China (01658) has received approval from the National Financial Supervision Administration for the absorption and merger with Postal Huai Wanjia Bank [1] - MicroPort Cardiac Devices-B (02160) has officially published the one-year follow-up results of the early feasibility study for AltaValveTM [1] Operating Performance - New Fire Technology Holdings (01611) reported an annual loss attributable to shareholders of HKD 9.212 million, a shift from profit to loss year-on-year [1] - Xingqian Development (00640) reported an annual net profit of approximately HKD 122 million, an increase of 21.7% year-on-year [1] - Zijin Mining Group (02899) expects a net profit attributable to shareholders of approximately RMB 51-52 billion for the fiscal year 2025, representing a year-on-year increase of about 59%-62% [1] - Zijin Gold International (02259) issued a profit warning, expecting a net profit attributable to shareholders of approximately USD 1.5-1.6 billion for 2025, a year-on-year increase of about 212%-233% [1]

Core Viewpoint - The approval of a generic version of the nephrology drug Neficon (Budesonide Enteric Capsules) has led to a significant decline in the stock price of Cloudy New Horizon (01952.HK), which has dropped over 20% in the past week due to concerns over competition from generic manufacturers [2]. Group 1: Company Overview - Neficon, introduced by Cloudy New Horizon in June 2019, received approval from the Chinese National Medical Products Administration in November 2023 for treating adult patients with primary IgA nephropathy at risk of progression, filling a treatment gap in China [4]. - The product achieved sales exceeding 1 billion yuan in the first three quarters of 2025 [4]. - The original patent for Neficon is valid until May 7, 2029, and the company retains the right to take legal action against any infringement [2][5]. Group 2: Generic Competition - Hainan Huirui Pharmaceutical Co., Ltd. has successfully obtained approval for its generic Budesonide Enteric Capsules, with a patent declaration type of "Category 3," promising not to market the generic until the relevant patent expires [5]. - Other companies, including Shijiazhuang Yiling Pharmaceutical Co., Ltd. and Qilu Pharmaceutical Co., Ltd., are also in the process of developing generic versions, with their patent declarations classified as "Category 4.2," indicating they may not infringe on the original patent [5][6]. - If these companies succeed in obtaining approval, they could potentially launch their products before the original patent expiration date [5]. Group 3: Legal and Regulatory Framework - The early resolution mechanism for drug patent disputes, established by the National Medical Products Administration and the National Intellectual Property Administration, aims to balance interests between original and generic drug manufacturers [6][8]. - Cloudy New Horizon can challenge the patent declarations of Shijiazhuang and Qilu within 45 days of the public announcement of their drug applications [7]. - The case is seen as a test of the new patent linkage system in China, which seeks to protect innovation while promoting the development of high-quality generics [8][9].

Core Viewpoint - The successful generic challenge to the kidney disease drug Nefukang (Budesonide Enteric Capsules) by competitors has led to a significant decline in the stock price of CloudTop New Drug (01952.HK), which has dropped over 20% in the past week [1] Group 1: Company Overview - Nefukang, introduced by CloudTop New Drug in June 2019 and approved for market in November 2023, is aimed at treating adult patients with primary IgA nephropathy at risk of progression, filling a treatment gap in China [3] - The drug achieved sales exceeding 1 billion yuan in the first three quarters of 2025 and was included in China's medical insurance reimbursement list [3] Group 2: Patent and Generic Drug Challenges - The patent for Nefukang is valid until May 7, 2029, and CloudTop New Drug retains the right to take legal action against any infringement [1] - Competitors, including Hainan Huirui Pharmaceutical, Shijiazhuang Yiling Pharmaceutical, and Qilu Pharmaceutical, are also in the process of developing generic versions of Budesonide Enteric Capsules, with Hainan Huirui already receiving approval [4][5] - Hainan Huirui's patent declaration type is "Category 3," promising not to market the generic until the relevant patent expires, while Shijiazhuang and Qilu's declarations are "Category 4.2," indicating their generics may not infringe on existing patents [4][6] Group 3: Regulatory and Legal Framework - The early resolution mechanism for drug patent disputes aims to balance interests between original drug manufacturers and generic drug developers, promoting high-level development of generics while protecting innovation [6][8] - CloudTop New Drug can challenge the patent declarations of Shijiazhuang and Qilu within 45 days of the public announcement of their drug applications [7] - The case is seen as a potential test of China's drug patent linkage system, with implications for how administrative and judicial bodies balance the interests of original and generic drug manufacturers [8]